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Client protection principles Principle #5 in practice

Principle #5 – Mechanisms for Redress of Grievances This presentation is made possible by the Smart Campaign www.smartcampaign.org. Agenda. Client protection principles Principle #5 in practice How dissatisfied clients affect the institution Participant feedback

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Client protection principles Principle #5 in practice

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  1. Principle #5 – Mechanisms for Redress of GrievancesThis presentation is made possible by the Smart Campaignwww.smartcampaign.org

  2. Agenda Client protection principles Principle #5 in practice How dissatisfied clients affect the institution Participant feedback Practitioner lessons and good practices Conclusion and call to action

  3. 1. Avoidance of over-indebtedness 2. Transparent and responsible pricing 3. Appropriate collections practices 4. Ethical staff behavior 5. Mechanisms for redress of grievances 6. Privacy of client data Client Protection Principles

  4. Agenda Client protection principles Principle #5 in practice How dissatisfied clients affect the institution Participant feedback Practitioner lessons and good practices Conclusion and call to action

  5. Mechanism for Redress of Client Grievances • A financial institution measures up to this principle by having a mechanism for collecting, responding in a timely manner, and resolving problems for customers.

  6. A suggestion box is not a substitute for proper handling of concerns and complaints. • A Mechanism for Redress of Grievances Includes: • Having a process for collecting and resolving concerns and complaints from clients. • Dedicating staff resources to the complaints system. • Responding quickly. • Internal audit or other monitoring systems check that complaints are resolved satisfactorily. • Incorporating client feedback into the improvement of products and services.

  7. Agenda Client protection principles Principle #5 in practice How dissatisfied clients affect the institution Participant feedback Practitioner lessons and good practices Conclusion and call to action

  8. How Dissatisfied Clients Affect the Institution • Findings from the Field:

  9. No Complaints Completely Satisfied Customers • If your institution does not receive concerns or complaints, be careful:

  10. Agenda Client protection principles Principle #5 in practice How dissatisfied clients affect the institution Participant feedback Practitioner lessons and good practices Conclusion and call to action

  11. Feedback from Participants What channels does your institution use to receive, respond to, and resolve complaints? Do clients take the opportunity to give their feedback? What complaints or suggestions have you received at your institution? How did your institution respond? Has the complaints management system evolved at your institution since you began working there?

  12. Agenda Client protection principles Principle #5 in practice How dissatisfied clients affect the institution Participant feedback Practitioner lessons and good practices Conclusion and call to action

  13. Lessons from Practitioners • [Write your points for the presentation here:] • Points • Points • Points • Points

  14. Indicators of Good Practice (1 of 2)

  15. Indicators of Good Practice (2 of 2)

  16. Good Practice: Using Multiple Complaints Channels • At one institution, complaints are handled through several channels depending on the urgency and complexity of the complaint: Source: Adapted from Banco Solidario

  17. Good Practices from Around the World One MFI includes the phone number for its call center on the first page of all its contracts. The same MFI also includes the phone number for the government agency responsible for client protection on the same page of the contract. One MFI requires its Internal Audit department to check a sample of dissatisfied clients to make sure they received quick responses and resolutions. If they didn’t, the department prompts more investigation.

  18. Agenda Client protection principles Principle #5 in practice How dissatisfied clients affect the institution Participant feedback Practitioner lessons and good practices Conclusion and call to action

  19. Conclusion • Summary: • The Smart Campaign has developed six principles of client protection, one of which is mechanisms for redress of client grievances. • Financial institutions can adopt this principle by having a mechanism for collecting, responding to, and resolving problems for customers. • By adopting this principle, financial institutions can attract and retain clients and build a positive, trustworthy image. Call to action • What “next steps” can your institution take to institutionalize and/or improve a mechanism for redress of client grievances?

  20. Join the Campaign and Endorse the Principles of Client ProtectionHave questions? Want more information?Contact the Smart CampaignEmail: info@smartcampaign.org Thank you!

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